Maryland Gov. Wes Moore released a budget plan Wednesday that includes higher income tax rates for taxpayers who make more than $500,000, as well as about $2 billion in spending reductions throughout state government to address a $3 billion deficit.

ANNAPOLIS, Md. (7News) — Maryland Governor Wes Moore released details of his $67.3 billion budget on Wednesday. It relies on $2 billion in cuts to state Government as well as nearly $1 billion in tax increases to close a nearly $3 billion budget deficit.

Gov. Wes Moore said on opening day of the General Assembly that a “season of hard choices” is beginning, and balancing the budget is the top priority

Maryland Gov. Wes Moore has warned that massive budget cuts are on the way as state lawmakers try to solve a $3 billion budget gap. Moore told Maryland residents Wednesday to brace themselves for $2 billion worth of cuts in his soon-to-be-released budget.

Moore has also pledged making $2 billion in cuts to help close a $3 billion budget gap, targeting some spending on climate initiatives and government inefficiency.

Maryland is facing a budget crisis and Gov. Wes Moore has said the state is going to have to slash spending and increase revenue to fix it.

Maryland Gov. Wes Moore introduced his $67.3 billion operating budget proposal for 2026 that he said is based on growing the economy to provide a path to work, wages and wealth. Amid an almost $3 billion budget shortfall,

Maryland Gov. Wes Moore highlights budget, including tax cuts ©2025 CBS Broadcasting Inc. All Rights Reserved. Terms